CP shareholders elect new board, OK pay plan

Thu May 17, 2012 10:41am EDT
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CALGARY, Alberta (Reuters) - Canadian Pacific Railway Ltd shareholders formally elected Pershing Square Capital Management's dissident slate of seven nominees to the board of directors on Thursday, along with the railroad's remaining incumbent board members.

The company announced early on Thursday that Chief Executive Fred Green, Chairman John Cleghorn and several directors would not run for re-election, marking the end of a bruising four-month proxy battle.

Shareholders broke with activist fund Pershing's recommendation that they reject the company's executive compensation plan, however, and voted instead to accept the plan. The advisory vote is non-binding.

(Reporting By Nicole Mordant and Scott Haggett; Writing by Allison Martell; Editing by Peter Galloway)